All the bills had not been paid even as of December 31. ERHC was forced to make a going concern statement because it is uncertain if they can survive. They owed the IRS 2.5 million and a lien was placed on their assets by the IRS. Now we are 3 months farther down the road with more cash calls, more overhead, no idea where the 2.5 million from the EEZ block sale went and knowing all too well there are insufficient funds to pay both the IRS deficiency and drilling costs even if they actually got the money from the EEZ block sale.
That isn't a dark picture it is a true, accurate and complete picture. Some want to paint a rosy picture where all is great. Unfortunately ERHC'S own financial statements screamed the opposite. Maybe the next filing will be better but ERHC management has said or done nothing to make me or anyone else believe that. The market seems to whole heartedly agree.
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